Jerry Brown, Molly Munger taxes qualify for November ballot

Three tax measures qualified for the November ballot Wednesday, including one authored by Gov. Jerry Brown and another being pushed by wealthy civil rights attorney Molly Munger.

A third measure, which would benefit clean energy projects and general state spending by raising corporate tax rates, will also appear before voters in November.

The Secretary of State announced late Wednesday that all of three tax measures had submitted the necessary number of voter signatures to qualify for the crowded presidential ballot. They will join eight other voter initiatives that have already qualified.

Brown’s initiative would raise between $5 and $7 billion a year for five years by raising the state’s sales tax and income taxes on the state’s wealthiest residents. The money would go to the state’s general spending account — but if it fails, K-12 education and universities would see deep cuts this fall, because Brown’s budget for the 2012-13 fiscal year depends on the tax passing.

Munger’s proposal would increase income taxes on all but the state’s poorest residents, and give the money to schools.

The third measure, sponsored by hedge fund manager Tom Steyer, would raise about $1 billion a year by changing the way corporations calculate their tax liability.